US EditionUS and EU agree trade deal, says Donald Trump
- By July 9, Trump criticized Europe's trade deficit, and the move was in response to that criticism, not a deal at Turnberry on July 27.
- To avoid harm, EU governments approved counter tariffs on $198 billion of US goods effective from August 7, as a last resort before the August 1 deadline.
- The agreement establishes a 15 per cent tariff on most EU goods entering the US, down from a threatened 30 per cent rate, and commits the EU to purchase approximately $750 billion in US energy over the coming years.
- Reactions split, with German Chancellor Friedrich Merz welcoming the deal for preventing escalation, while Wolfgang Niedermark of the Federation of German Industries cautioned that even a 15 per cent tariff could harm exports.
- Beyond the immediate accord, US Treasury Secretary Scott Bessent seeks to extend the Aug 12 deadline, and the deal still requires approval by all 27 EU member states.
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Portugal questions fairness of EU-U.S. tariff deal, warns of high costs, limited gains
LISBON, July 28 (Xinhua) -- Portugal has raised concerns over the recently concluded tariff agreement between the European Union (EU) and the United States, describing it as a limited improvement that falls short of true free trade and comes at a steep cost for both sides. Read full story
Lavrov opines that US trade deal will fuel EU's ongoing 'deindustrialization'
The agreement has dealt a "very hard blow" to a number of business sectors in the bloc, the Russian foreign minister has said The new US-EU trade agreement threatens to accelerate "deindustrialization" in Europe by redirecting investment to the US and increasing the bloc's dependency on American energy exports, Russian Foreign Minister Sergey Lavrov has said. On Sunday, European Commission President Ursula von der Leyen and US President Donald T…
The American president gets what he wants in the tariff conflict to a large extent, perhaps also because the most important economies in the EU are still not in agreement.
Although an agreement has been reached, the details and economic effects are still pending.
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